Best Paying Accounts of March 2024

current accounts They are the most basic banking products for any customer, they are bank accounts Throughout life where we deposit our money, and which we can use with complete freedom and flexibility. And we say this is the most basic product because the rest of the products that we contract at our financial institution require linking to a checking account: a credit or debit card; mortgage or any other type of loan; Direct debit of receipts; payroll collection; Investing in funds… but recently we are hearing more and more about paid accounts And we want to explain what they include and what they offer better profitability in this month February 2024,

What is a paid account?

So far in the 21st century, having a bank account has not yielded any economic benefits. Conversely, between the commissions we pay to banking institutions and the effects of inflation, the value of the money we have deposited in our account decreases slightly every year. In recent years, in the context of low interest rates and low inflation, it is understandable that banks do not want to maintain cash and balances in current accounts, and do not offer any bonuses to customers.

But interest rates and inflation have increased significantly in recent times. This means that the loss in the value of money from one year to the next is more pronounced: with 100 euros, we buy much fewer things today than with 100 euros a year ago., Therefore, on the one hand, banks are beginning to find it more profitable to keep money to lend out, and on the other hand, they have to make attractive offers to retain customers, or they may potentially switch to another bank. And one of the most immediate solutions has been pay bills, Pay interest to the customer for maintaining a fixed balance. Now it’s up to the customers what they want best paying account,

By the way, this remuneration of accounts is not new: in the context of high rates, it was common in the 80s. This is something that was lost in the 90s and now, 25 or 30 years later, we have recovered. It is a question of supply and demand.

Features of paid accounts

to find best paid account, we should pay attention to some features. First of all, of course, The interest that an account gives us. And We found some that claimed 6%. there is one very high profitability, But we should pay attention to the restrictions: Generally, this interest lasts for a while, a few months, and then drops significantly. And this too is usually limited to a maximum quantity.

Depending on our circumstances, We may be interested in a payment account with a low interest rate, around 3%, but that returns more capital and over a longer period of time. Everyone must calculate how much profitability they will receive. Another aspect that we must take into account is that Profitability of accounts paid This depends on the economic context, and conditions will be reviewed from time to time due to fluctuations in interest rates and inflation.

Another element we must include in the equation is whether or not products liability is tied to the contract. Sometimes, to get the maximum bonus from our paid account, we have to withdraw credit cards or other products from the financial institution itself, make minimum monthly transactions, have certain receipts directly debited… In some cases, These actions have a certain cost, so we have to see how it impacts us cost effectiveness,

In any case, paid accounts They are an excellent option to keep money deposited without any type of remuneration. They do not fully compensate for the increase in inflation, but they reduce its impact, and of course, the interest is taxed by the treasury, the profits, however small, are integrated into the capital returns. . But If we know how to study our options well, paid accounts are a flexible and immediate product that also gives us a fixed return.

Best Paying Accounts of March 2024

Below, we give you details of some of these paid accounts The most interesting one currently available in the market.

Article prepared in collaboration with Kalisto